LonZim complies with indigenisation

economic empowerment regulations.
The Zimbabwe focused investment conglomerate, which has a primary listing in London, was 100 percent foreign-owned before the development.

The company submitted its indigenisation plan before negotiating with Government, which then approved the submissions.
The implementation of the approval is expected to take place within three years. An exclusive advisor in the Ministry of Youth Development, Indigenisation and Empowerment Mr Acie Lumumba yesterday confirmed the development saying indigenous Zimbabweans would now benefit from the new structure.

“The approved structure makes sure there was representation of the indigenous board and now the marginalised people, including the employees, are going to get a share in the company,” he said.
“Indigenous directors would be appointed into the board of directors as per the conditions and the implementation would be complete within the next three years.”
Meanwhile, Youth Development, Indigenisation and Empowerment Minister yesterday urged politicians to avoid interfering with the establishment of community trusts.

“We have seen media reports quoting MPs and other leaders on these Trusts.
“I want to make it categorically clear that these Trusts would be led by the people.”
He said an inter-ministerial committee would identify areas that would benefit from the indigenisation process.

“Politicians should play a facilitators’ role not participatory to avoid a conflict of interest in the schemes,” he said.
An official yesterday said Government had set up a National Steering Committee to facilitate the setting up of community share schemes. She also dismissed reports that there was a Mhondoro-Ngezi Royal Trust that would represent people in the Zimplats venture.

“The steering committee comprises the ministries of mines and mining development, local government and youth development. This technical team, in consultation with Zimplats, is currently discussing the best way to set up a community or communities trust that will benefit the whole catchment area.”
She said: “No trust has so far been approved but the steering committee is in consultation with traditional leaders and stakeholders involved.”

President Mugabe is on Thursday expected to launch a Trust that is all inclusive under a model that would encompass traditional leaders in the catchment area.
The programme would benefit communities in Mhondoro-Ngezi, Chegutu and Zvimba.